CBD Skincare Products Market Scope
Market Research Future (MRFR) projects the CBD Skincare Products Market to touch an approximate valuation of USD 8.86 Billion by 2030. Also, the global market will continue to grow at rate of 5.50% from 2020 to 2030.
Major Drivers and Challenges
CBD is highly effective and safe for use on every skin type; however, its use is extremely high among those struggling with inflammatory conditions, sensitivity, dryness, and acne. In view of these appealing inflammatory properties, CBD is utilized for fostering skin’s natural healing process, reducing the life span of eczema flare-ups as well as breakouts. Apart from this, it contains a host of antioxidant properties that curb signs of aging while also bringing down pain due to inflammatory skin conditions.
Alarming surge in pollution levels as well as extreme UV rays that cause skin burn and blackening and sometimes even skin cancer prompts consumers to purchase proven effective beauty and skincare products infused with CBD. Increasing knowledge about the latest products that cater to a particular skin issue also enhance the sales in the market. Companies are progressively joining hands with celebrities to endorse their products, while spending considerably on advertisements to garner the consumers’ attention.
Social media platforms are quite popular in today’s world, with YouTube and Instagram deemed as major influencers. These platforms help consumers grow aware about the different CBD skincare products available in the global industry. Simply put, the soaring awareness levels among consumers regarding the benefits as well as the availability of the latest products should benefit the global market in the years ahead.
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Market Segmentation
Product type, category, and distribution channel are the key segments outlined in the report, in a bid to extensively detail the global market for CBD skincare products.
Different product types available in the global industry are oils, cleansers, moisturizers & creams, serums, and more. CBD infused moisturizers & creams form the biggest segment as these are widely by consumers on a daily basis, for skin hydration.
The categories covered in the MRFR study are organic as well as conventional. The demand for organic products has been mounting rapidly in the market and therefore, the segment can capture a higher CAGR compared to its counterpart in the years ahead. Preference for natural skincare products is especially high in Europe and North America.
Distribution channels that sell CBD skincare products are store-based {Specialty Stores, Supermarkets & Hypermarkets, Convenience Stores, and more} along with non-store based.
Regional Study
The CBD skincare products industry has been considered for Asia Pacific/APAC, North America, Europe and also RoW/rest of the world.
North America has managed to procure the top position in the global market for CBD skincare products, especially since cannabis’s legalization across 33 US states in the year 2018. Robust demand for these skincare products, combined with the extensive pool of established firms in the US adds to the regional market’s strength. CBD skin care products enjoy massive demand among a huge customer base in the region, while marijuana’s legalization in various states across Canada and the U.S. foster the sales as well. Encouraged by the legalization as well as the strong presence of renowned beauty care brands in the region, the CBD skincare products market is touted to cover substantial grounds in the coming years.
Asia Pacific, being a relatively new market for CBD skincare products, has picked up quite a lot of steam over the years backed by the high number of skincare products brands based in Japan, China, Japan, and several South-East Asian nations. Continuous debates pertaining to easing the regulations for cannabis across multiple countries could ensure brighter prospects for the CBD skincare products industry in the region. Unhealthy dietary habits, air pollution and constant exposure to sun light as well as stress are some of the most common causes of bad skin conditions in the region. As a result, leading brands in the region are increasingly targeting these concerns and launching CBD infused skincare products that effectively counter these issues. Firms are also introducing products aimed at millennial as well as Gen Z consumers, who are highly focused on their physical appearance and grooming standards.
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Leading Contenders
Redwood Wellness, LLC (US), CBD For Life LLC (US), Medical Marijuana Inc. (US), Estée Lauder Companies (US), Endoca BV (Netherlands), Leef Organics (US), Elixinol Global Limited (Australia), The CBD Skincare Company (US), Cannuka, LLC (US), Vertly Hemp (US), Redwood Wellness, LLC (US), L'Oréal S.A. (France), Green Growth Brands (US), Redwood Wellness, LLC (US), Myaderm (US), Kana Skincare (US), are the strongest contenders active in the global market for CBD skincare products.
Majority of these companies are focused on either creating new products or subject the existing product portfolio to a series of innovations to improve the quality or add new features. Another significant marketing tactic employed by these firms includes expanding their distribution channels to bolster visibility among a higher number of consumers.
For instance, in May 2021, Allied Corp. set up its own e-commerce platform, offering extensive ranges of CBD skincare products in the US market. Apart from the e-commerce portal’s launch, Allied is also planning to make available its products on shelves across bricks & mortar retail outlets in various states, by forming several distributor contracts.
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